TAMPA — The resignation of former Tampa Police Chief Mary O’Connor on Monday does not affect her previously earned nearly $80,000 annual retirement pension.
O’Connor, 52, is currently receiving $5,923.16 a month in basic pension benefits, plus $710.78 in cost-of-living adjustments for a total monthly payment of $6,633.94, according to reports. provided by the Tampa Fire & Police Pension Fund.
Under the city’s contract with the police and fire department, employees can retire at age 46 if they’ve worked 10 years, or they can retire at any time if they’ve accrued 20 years of service. O’Connor was deputy chief when she retired in 2016 after 22 years of service.
The amount of the retirement benefit is based on the average of an employee’s three highest annual salaries over a 10-year period. It is calculated at a rate equal to 31.5% for the first 10 years of service, then 3.15% for each additional year worked.
O’Connor, however, entered the deferred retirement option program and her years of service were calculated at 20 years and one month. This allowed his pension to be calculated at just over 63.25% of his average end-of-career salary. The benefit this year is $79,607.
O’Connor’s annual salary as chief was $192,920 when Mayor Jane Castor selected her to lead the department earlier this year. She was not eligible for a second pension with the department, according to the Tampa Fire & Police Pension Fund.